June 15, 2022
Charles Lutwidge
What is IRS Form 1040
1040 is an IRS (Internal Revenue Service) form. The IRS sends it to individual taxpayers to file their annual income tax returns. The form consists of sections that request individuals to disclose their taxable income gained during a specific year....
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June 10, 2022
Charles Lutwidge
What are Notes Receivable in Accounting?
Notes receivable is a balance sheet item that reflects the value of the notes that the Company is to receive and for which it is to receive payment. Promissory notes are promises to pay money to another party on or...
June 08, 2022
Charles Lutwidge
What are Asset Disposals?
Asset retirement is the removal from a company’s journal by selling or decommissioning it. These are long-term assets that have contributed to carrying out a profit, such as a company’s machinery, technology, or vehicles. Business tracks asset disposals as equipment...
June 06, 2022
Charles Lutwidge
The Purpose of the W-9 Form
The IRS Form W-9 is a request for TIN and certification. Businesses use this form to get information about vendors they hire as contractors. The data gathered from W-9 is used in the future to file tax returns. The IRS...
June 03, 2022
Charles Lutwidge
How to Hire the Right Bookkeeper
Companies can strive if they have bookkeepers keeping their documentation. It’s crucial to find the right person when hiring an employee or finding a contractor. People responsible for bookkeeping will be working with documents to help the business record all...
June 02, 2022
Charles Lutwidge
How to Сalculate Shares Outstanding in Accounting?
Shares Outstanding (SO) are held by the company’s shareholders at a given time after excluding ones repurchased by the company and are shown as equity part in the company’s balance sheet liabilities. The company also frequently holds SO portion in...
June 01, 2022
Charles Lutwidge
What is a Schedule K-1 Tax Form
A Schedule K-1 is a tax form to report income, losses, and dividends of a business’s or enterprise’s partners. It’s also used to report income, losses, and dividends to S corporation’s shareholders. Partners in a business have to file the...
May 30, 2022
Charles Lutwidge
What are Trade Receivables in Accounting?
The amount billed by a business to customers for the goods and services supply in the ordinary business course is called trade receivables. These are usually documented in official invoices, summarized in the Accounts Receivable Aging Statement. Staff commonly uses...
